Besen Special Assets closes $6M loan in Union County

Besen Special Assets, with an office in Red Bank, closed a $6 million loan last month secured by an unfinished town home development in Elizabeth.

According to Jonathan B. Horn, managing partner of The Besen Group NJ and Besen Special Assets, the development sits on 158,994 square feet of land and had an unpaid balance of $6,034,420. The property has 37 unsold town homes at various stages of completion that are part of a 57 town home community.

Besen acted as the exclusive advisors to the seller, a private equity firm based in Denver, and the buyer, an undisclosed local investor.

"The buyer plans to finish construction on the homes by 2015," Horn said.